Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

How Bank of America Corp (BAC) Can Make You Rich

After the impressive performance of Bank of America Corp (NYSE:BAC)‘s stock last year — it was the top-performing component of the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) — it’d be tempting to conclude that the nation’s second-largest lender didn’t have much juice left in the proverbial tank. But according to a number of high-profile analysts, that simply isn’t the case.

Bank of America Corp (NYSE:BAC)

Roughly halfway through today’s trading session, shares of Bank of America Corp (NYSE:BAC) are higher by nearly 1.5%. This comes, moreover, on the heels of an impressive performance yesterday, when its shares were up by 1.3%.

There’s no question that a growing number of analysts are becoming bullish on Bank of America Corp (NYSE:BAC) stock. In the middle of last month, Meredith Whitney — who famously foretold Citigroup Inc (NYSE:C)‘s fall five years ago — reiterated her view that Bank of America was one of the most undervalued bank stocks in the market. “Very rarely do these big banks have both value catalysts and momentum,” Whitney noted. “Bank of America Corp (NYSE:BAC) had all of that.”

Since making her original call at the end of last year, Whitney’s opinion has been vindicated, as the Charlotte, N.C.-based lender’s shares are up roughly 15%.

How much further could they go?

For a moment last week, it appeared as if the Bank of America Corp (NYSE:BAC) bandwagon may have gotten derailed (excuse the mixed metaphors). After reporting first-quarter earnings on April 17, its stock plunged by upwards of 7% over the next two days. Investors were clearly discontented that the bank missed analyst estimates for earnings per share by $0.02 — coming in at $0.20 per share vs. an expected $0.22.

But since then, the market has warmed up to the results — and particularly the bank’s announcement that it settled three massive class action lawsuits dating back to the financial crisis. With today’s gains, Bank of America Corp (NYSE:BAC) stock is getting back within striking distance of its 52-week high. And if Whitney’s predictions hold true, it could be headed to $15 in the near term and $20 long term.

The article Bank of America Stock Could Still Make You Rich originally appeared on is written by John Maxfield.

John Maxfield owns shares of Bank of America. The Motley Fool owns shares of Bank of America and Citigroup.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.